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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, GBP/USD and USD/JPY edging higher

All eyes will be on USD/JPY, which has moved up for a second successive day. EUR/USD and GBP/USD are quieter, but have so far avoided further losses.

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EUR/USD consolidates near $1.21

The EUR/USD pair’s ascent was given new life on Friday with a push towards $1.21, and while it has edged back over the past couple of days the overall bounce remains intact.

The next target is $1.22, and for the time being the price continues to hold at a sharply ascending support trendline. If this is broken a drop back towards $1.20 is possible.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD renews upward move

The previous two days have seen a recovery of GBP/USD back above the 50-day simple moving average (SMA), reversing the growing bearish view of early last week.

This puts a move back to $1.40 in view, while above $1.405 the February peak looms at $1.425. The attempt by sellers to push the price below $1.38 last week failed, and leaves the bullish view in the ascendant for the time being.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY begins tentative rebound

A bullish crossover in stochastics and a reversal of the lower highs of the past month may well point towards a renewed move higher, reviving the uptrend of the past few months.

This guardedly bullish outlook is maintained unless the price of USD/JPY reverses back below ¥107.50.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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